tech changes are coming. but stymie many.
by gary adamson
the rosenberg map survey
cpa firms are experiencing a squeeze in profitability. revenues are rising but at an organic growth rate that is not close to where most firms were pre-recession.
more from the map survey: 2019: nextgen realities | 2019: when cpas go extinct | 2019: the biggest tech changes yet | 2019: three new trends to watch | 2019: client service moves to fore | 2019: shifts in hiring & office space
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the increase in expenses (people) is outstripping the revenue growth so per-partner income is getting squeezed. i’m encouraging firms to figure out how to leverage their practice differently with fewer equity partners and to push fees up faster than inflation to keep up.
merger mania continues. i’m seeing some softening of valuations but not a lot. everyone is talking about a buyer’s market – my experience is that we’re not quite there yet.
last but not least, there has been a constant drumbeat about the coming technology changes including blockchain and ai that are expected to transform our profession. i think that most firms are really unsure about when it’s going to get here and how to start planning for it.
moving from compliance to consulting will be a difficult transition for many. it is definitely impacting the m&a market now, with large firms focusing their acquisitions more on non-compliance businesses.